EXHIBIT 12

COLUMBUS SOUTHERN POWER COMPANY AND SUBSIDIARIES
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)

	Year Ended December 31,						Twelve Months Ended
	1999	2000	2001	2002	2003		3/31/04
Fixed Charges:
Interest on First Mortgage Bonds	$43,207	$40,602	$34,575	$17,756	$7,079		$3,146
Interest on Other Long-term Debt	25,878	25,878	27,365	32,762	45,658		48,562
Interest on Short-term Debt	2,460	2,412	4,914	3,244	660		780
Miscellaneous Interest Charges	4,659	14,205	3,755	2,585	2,673		2,735
Estimated Interest Element in Lease Rentals	4,600	5,300	4,800	3,500	2,700		2,700
Total Fixed Charges	$80,804	$88,397	$75,409	$59,847	$58,770		$57,923
Earnings:
Income Before Extraordinary Item and
Cumulative Effect of Accounting Change	$150,270	$120,202	$191,900	$181,173	$173,147		$179,493
Plus Federal Income Taxes	82,686	116,590	94,148	93,484	78,391		84,289
Plus State and Local Income Taxes	89	136	8,811	17,519	(4,729	)	(5,071	)
Plus Fixed Charges (as above)	80,804	88,397	75,409	59,847	58,770		57,923
Total Earnings	$313,849	$325,325	$370,268	$352,023	$305,579		$316,634
Ratio of Earnings to Fixed Charges	3.88	3.68	4.91	5.88	5.19		5.46